Naira Swap: More States Join Kaduna, Zamfara, Kogi Suit Against FG At Supreme Court

Naira Swap: More States Join Kaduna, Zamfara, Kogi Suit Against FG At Supreme Court

Kano and Ondo states have joined the suit filed against the Federal Government of Nigeria in the Supreme Court over the Central Bank of Nigeria’s (CBN) deadline for the new naira swap.

Kano and Ondo state governments have now joined Kaduna, Kogi, and Zamfara state governments in the substantive suit that the Supreme Court has already reserved for hearing and determination on Wednesday, February 15, 2023.

The Supreme Court issued an ex parte order prohibiting the Federal Government and the Central Bank of Nigeria from enforcing the Friday, February 10 deadline for outdating old news as legal tender. In response, the Federal Government has petitioned the apex court to vacate the order.

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The Kano State Attorney General, through his Counsel, Sunusi Musa (SAN), is seeking the Apex Court to declare that the President of Nigeria cannot unilaterally direct the Central Bank of Nigeria to recall the now N200, N500, and N500 old bank notes without recourse to the Federal Executive Council and National Economic Council, respectively, in a Suit Number: SC/CS/200/2023, filed Thursday evening and lighted by The Guardian.

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Applicant is also seeking a mandatory order compelling the Federal Government of Nigeria to reverse the Naira redesign policy for alleged failure to comply with the Federal Republic of Nigeria’s constitution of 1999 (as amended).

The Kano State Government has requested a mandatory order to reverse the Federal Government’s policy of recalling the N200, N500, and N1,000 notes from circulation, which has harmed the economic well-being of over 20 million Kano citizens.

The state government prayed the Supreme Court in an originating summons filed and signed by the Attorney-General of Ondo State, Charles Titiloye, to stop the implementation of the directive issued by the federal government through the Central Bank of Nigeria on the limitation of daily cash withdrawals from banks.

Mr Titiloye stated that the policy has completely paralyzed and halted the activities of the Ondo State Government, as well as negatively affecting economic and commercial activities in the state.

The suit contended that the daily maximum cash withdrawal guideline violated the legal rights of the Ondo State Government and its citizens to access funds for the execution of developmental projects, small credit facilities to petty traders (who do not have accounts in banks), and is highly detrimental to the state’s daily commercial activities.

The Ondo State Government is also asking the Supreme Court to rule on whether the federal government’s guidelines on maximum daily cash withdrawals, as well as the ongoing suffering and hardship caused by the policy’s implementation, are not in conflict with the express provisions of Section 2 of the Money Laundering Act, Sections 20, 39, and 42 of the Central Bank of Nigeria Act.

It also claimed that, despite having more than 149 ministries, departments, and agencies to run on a daily basis in a state of more than three million people, only about 500,000 people had bank accounts into which bank transfers could be made.

“Consequently the policy of the Federal Government has totally paralysed the economy of the state,” the state government said.

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